For my rental property in Florida, do i have to fill out DR-405?

[tagteam · Accepted solution]

"For my rental property in Florida, do i have to fill out DR-405?"

That depends upon whether you have tangible personal property, as defined by the property appraiser for the county in which your rental is located, that is used in connection with your rental. If you rent an completely unfurnished unit (condo or house), then there should be little, if any, tangible personal property to report. 

Regardless, filing a Form DR-405 ensures an automatic exemption of the first $25,000 in assessed value of tangible personal property.

Form DR-405, if one needs to be filed, does not have to be filed via TurboTax. In fact, at least one county requires the form to be filed online from the county's web site and several others have their own, modified, version of the form. It would therefore be wise to consult your county property appraiser's web site before proceeding. 

A list of county property appraisers' sites can be found here: http://floridarevenue.com/dor/property/appraisers.html

[laucane]

Hi! I hope you can help with my questions. I have an unfurnished rental property in Florida. I bought it with the appliances already installed. Should I add these to the form and calculate an approx price?
Also,  I haven't done any improvements in 2016. But I did in 2015 which I added in last year's dr405. Should I add this one again for 2016? Thank you.

[tagteam]

Have you visited the property appraiser's web site for the county in which your rental is located? I encourage you to do so because requirements can vary depending upon the county (see the link in the answer).

Generally, though, you would not add assets this year (2017) if you did not acquire any assets or put any new assets into use that were not already being used in the rental last year. You would simply adjust the value of the assets based upon the county's depreciation schedule.